A question we are often asked is, why do I need a Lasting Power of Attorney? There are two types of Lasting Power of Attorney, one that deals with your property and financial affairs, and the second that deals with your health and welfare issues. You have two because they have two different audiences, and we’ll explain that in detail in following posts. But broadly speaking, a lasting power of attorney is a document that allows others to make decisions for you, when you can no longer make them from yourself. If you have dementia or if you suffer a stroke are the two most common causes of loss capacity. Without a lasting power of attorney in place, your family and your loved ones will be in the hands of the courts, making sure that they are able to access your funds, pay your bills, and make decisions about your medical treatment. With the lasting power of attorney in place, you can choose in advance who the appropriate people are to make those decisions for you. Typically, you might choose a spouse or a partner, and you might back them up with one or more of your children.
A lasting power of attorney is a keystone of estate planning alongside your Will. The difference is your Will only works when you’ve died so you don’t know what effect it has.
Your Lasting Power of Attorney works while you’re still alive, so you feel the effects of the documents that you’ve created. Professional advice is essential so give us a call. Hopefully, that was useful for you. If you want to find out more about this topic, please contact us.